PropTech Market Update 2020 Year-End Review EXECUTIVE SUMMARY – 2020 PROPTECH » Despite a decline from 2019’s record capital raising levels, investment into the U.S. PropTech market remains incredibly active with ~$7.3Bn of equity and debt raised across nearly 300 deals in the category in 2020 » 58 deals of $20M+ in equity invested and 28 deals with $50M+ in equity investment ➔ scale leaders emerging across all sub-categories within PropTech and investors backing established category leaders » $100M+ investment rounds in 2020 into Vacasa, Sonder, Better, Hippo, Katerra, Procore and many others » M&A market remained highly active with ~100 U.S. PropTech M&A deals in 2020 ➔ majority of M&A activity was driven by strategic buyers, but private equity activity increasing Significant Strategic & Private Equity M&A Transactions / / / $10,200MM $11,000MM $250MM / / / $1,800MM $350MM Undisclosed » Valuation multiples in the market continue to remain strong, especially for software businesses, with the NASDAQ up ~44% in 2020(1) – Rise of SPACs (Special Purpose Acquisition Companies) with focus on PropTech ‒ Opendoor, Porch, Open Lending, Vivint and United Wholesale Mortgage all announced SPAC mergers with multiple additional PropTech-focused SPACs looking for targets ‒ Successful and pending IPOs reflect continued significant public market demand for PropTech companies Successful & Pending IPOs Market Cap(2): ~$110Bn Market Cap(2): ~$9Bn Market Cap(2): ~$40Bn Filed for IPO » GCA expects continued strong PropTech market activity in 2021 given the momentum and tailwinds in the sector Source: (1) Reflects percent change from 1/2/2020 to 12/31/2020. 2 (2) As of 1/22/2021. LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET GCA U.S. PropTech Team Leader in PropTech Advisory – 25+ Global PropTech Deals Announced since 2017 Chris Gough Managing Director Head of Real Estate Technology A Portfolio Company of Investment from Investment from Acquired Majority interest Phone: (415) 318-3658 acquired by [email protected] Majority investment from Lizzie Cooperstone We advised the seller We advised the seller We advised Mobysoft We advised the buyer We advised the seller [email protected] GCA European PropTech Team Acquired by Acquired by Acquired by Acquired by Majority interest acquired by Adrian Reed A Portfolio Company of A Portfolio Company of Managing Director We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller Phone: +44 (161) 240-6422 [email protected] Dominic Orsini, Director Acquired by Acquired by Acquired Acquired by Acquired by [email protected] Key Sub-Sector Coverage Verticals We advised the seller We advised the seller We advised the buyer We advised the seller We advised the seller Residential RE Software Commercial RE Software Mortgage / Lending Title / Insurance Acquired by Acquired by Investment from Investment from Acquired by Home Services Facilities Management Construction Tech IWMS We advised the seller We advised the seller We advised Mobysoft We advised Capsilon We advised the seller 3 GCA ADVISES LONE WOLF TECHNOLOGIES ON ITS STRATEGIC INVESTMENT FROM STONE POINT CAPITAL Transaction Overview End-to-End Real Estate Software Platform GCA acted as financial advisor to Lone Wolf Technologies on its strategic investment from Creates, manages and auto-populates legally Stone Point Capital compliant online forms and contracts by Forms leveraging the industry’s most comprehensive offering of form coverage and types » On October 23rd, Lone Wolf Technologies announced that funds managed by Stone Point Capital will Transaction management tools – MLS integration, become Lone Wolf’s lead institutional Transaction forms, eSignatures, etc. – designed to enhance investor Management agent productivity, drive compliance and manage transactions from contract to close » Lone Wolf Technologies is the North American leader in residential real estate software » The Company provides agents, brokers, Cloud-based, electronic signature for real estate eSignature transactions with over 22 million eSignatures filed franchises, MLSs and associations the annually tools they need to build their business and improve profits Purpose-built back-office accounting software Back-Office combining traditional accounting with real estate Company Highlights Management transaction functionality that results in sticky relationships throughout any macroeconomic climate 15M+ 1,000+ 8,000+ First-of-its-kind broker command center, delivering Completed Association Brokerage Insights & AI-enabled predictive insights, built upon a data lake Transactions Customers Customers Analytics leveraging 30+ years of proprietary, industry-specific data from Lone Wolf’s existing product suite All-in-one platform of over 30 partners, offering 1.4M+ 99% 22M+ curated upstream and downstream services and tools to significantly improve the entire real estate North American Forms eSignatures Marketplace Agents transaction experience and deliver unique agent Coverage Per Year differentiation Source: Company websites and press releases. 4 GCA ADVISES LONE WOLF TECHNOLOGIES ON ITS STRATEGIC INVESTMENT FROM STONE POINT CAPITAL (CONT.) Select Partners and Customers Select Transaction Commentary MLSs & AORs “ We’re excited to work with the team at Stone Point to continue our strategic growth. Stone Point’s investment aligns with our vision to create a truly connected, fully digital real estate experience. We are thankful for the partnership and leadership of Vista Equity Partners over the last five years, and we remain committed to serving the real estate industry going forward.” Brokerages & Franchises Jimmy Kelly, President and CEO, Lone Wolf Technologies “We are enthusiastic about the long-term opportunities within the real estate services and technology industry. This industry is undergoing rapid digital Marketplace Partners transformation, and we are pleased to partner with Jimmy and his colleagues, who together have built a remarkable company and have demonstrated the vision to continue to grow and better serve their clients.” Chuck Davis, CEO, Stone Point Capital History of Strategic Acquisitions and Product Development Investment by Acquisition of Launch of Lone Wolf Link Launch of Vista Equity Partners completed a Lone Wolf added cloud-based transaction Seamless integration of Lone Wolf’s Marketplace hosts a variety of digital minority investment management products and extensive forms transaction management solutions with tools, services and partner solutions coverage (i.e., Canada) brokerWOLF enables agents to communicate for real estate agents and brokerages with back-office processes in real-time Jul 2016 Apr 2019 Jan 2020 Apr 2015 Oct 2017 Apr 2019 May 2020 Investment by Acquisition of Launch of Vista Equity partners completed a majority zipLogix brought breadth to existing forms Insight’s AI-enabled system delivers on-demand investment and focused on executing a core business, with complementary transaction snapshots of sales forecasts, GCI and company organic plan while simultaneously looking for management solutions and unique customer dollar inorganic pieces relationships (NAR, CAR) Source: Company websites and press releases. 5 GCA ADVISES CONSTRUCTION TECH LEADER EQUE2 ON INVESTMENT FROM WESTBRIDGE GCA Altium acted as exclusive financial advisor to Eque2, a portfolio company of LDC, on the sale to WestBridge Background • Eque2 are the UK market-leading supplier of business management software to the construction, contracting and house building industries • The Company targets businesses across a range of sizes from SMB (small and medium-sized businesses) to UMM (upper mid-market) within construction & related industries • The investment from WestBridge will support Eque2’s management team to deliver its go to market strategy and SaaS platform growth About the Transaction • GCA Altium was appointed in early 2020 to assess exit options and prepare for a marketing process to both trade and PE • Preparation and trade outreach commenced in early 2020, with financial, commercial and technology vendor due diligence commissioned Location • The shareholders viewed WestBridge’s offer as the most compelling based on price, relationship, timetable and overall UK strategy to pursue Eque2’s go to market strategy and SaaS growth opportunity • The buyout was led by a five-strong senior management team and provided a full exit for LDC, which acquired a minority stake in the company in November 2017, and other institutional shareholders within three weeks after receiving offers Date December 2020 Deal Type Sell-side M&A Construction Technology 6 GCA ADVISES MOBYSOFT ON ITS INVESTMENT FROM ECI GCA Altium advises multi-family software provider Mobysoft on investment from ECI Background • Based in Manchester, Mobysoft is a fast-growing, highly recurring provider of cloud-based rent arrears management software to the UK social housing sector • Mobysoft’s flagship product, RentSense, processes payment patterns for more than 1.6m properties on a daily and weekly basis and uses predictive analytics software to provide recommendations and optimise workflows for over 140 social housing providers • RentSense has achieved significant penetration of the UK social housing market (>30% on a properties basis) and Mobysoft expects to generate annual recurring revenue of c.£11.5m by December 2020 • Mobysoft was founded in 2003 by Derek Steele About the Transaction • GCA Altium has advised Mobysoft since 2016, successfully